Sarah Ellison and Stephanie Kang of The Wall Street Journal are reporting for Thursday’s paper — but already online Wednesday night — that News Corp. CEO Rupert Murdoch first made overtures to Dow Jones & Co. CEO Richard Zannino as far back as March to acquire the owner of The Journal, Barron’s and Marketwatch.
Ellison and Kang wrote, “News Corp. Chairman Rupert Murdoch had breakfast with Dow Jones Chief Executive Richard F. Zannino on March 29, not the week of April 9 as previously reported, according to people familiar with the situation. Near the end of that meeting — a wide-ranging discussion of the media business — Mr. Murdoch expressed interest in acquiring Dow Jones, though he didn’t make an offer or mention a price, say these people.
“Mr. Zannino immediately informed Joseph A. Stern, the company’s general counsel of the overture, and outside counsel Art Fleischer, of Fried, Frank, Harris, Shriver & Jacobson, as well as outgoing Dow Jones Chairman Peter Kann, incoming Chairman M. Peter McPherson and another board member understood to be associated with the Bancroft family, say these people.
“In subsequent days, Mr. Murdoch discussed the matter with board member Harvey Golub, chairman of Campbell Soup Co. and former American Express Co. chief, in an attempt to meet with him, according to people familiar with the matter. Mr. Golub, who was the chairman of Dow Jones’s governance committee at the time, told Mr. Murdoch that if he wanted to address the board, he should put an offer in writing.”
Read more here. The timeline of who knew what and when they knew it is becoming increasingly important due to allegations of insider trading by a Hong Kong couple who knew a Dow Jones board member.
The story also says that the editors who were informed of the offer were bound to keep it secret because they were members of the company’s senior management team. The editors have been criticized for not telling their reporters about the offer.
